| 国泰海通证券 | | --- | | GUOTAI HAITONG SECURITIES | 目 录 | | 每日报告精选（2025-10-09 09:00——2025-10-10 15:00） | 2 | | --- | --- | --- | |  | 策略观察：《成交活跃度升高，万得全 A 估值领涨》2025-10-09 | 2 | |  | 行业专题研究：传播文化业《中国规模最大、增速最快的潮玩集合品牌，产品与渠道双轮驱动》2025-10-102 | | |  | 行业跟踪报告：机器人《Figure 03 展示家庭应用场景，为规模化生产做准备》2025-10-10 | 3 | |  | 行业深度研究：医药《小核酸，大时代，靶向治疗新纪元》2025-10-10 | 4 | |  | 行业跟踪报告：建筑工程业《建筑铜金等矿产价值重估，降息预期催化资源品涨价》2025-10-10 | 5 | |  | 行业跟踪报告：投资银行业与经纪业《25H1 小结：高增之下，酝酿变化》2025-10-10 | 6 | |  | 行业跟踪报告：半导体设备《自强，先进制程设备的突破是核心》2025-10-0 ...

报告导读： 小核酸药物行业近期 BD 和数据催化密集，随着技术平台的成熟和适应症的不 断拓展，属于小核酸药物的治疗时代将逐步开启，我们重点关注 siRNA 药物在常见病大适 应症的商业价值。 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 技术升级和产品获批推动平台成熟， siRNA 药物已从"罕见病"过渡到"常见病"。 小核酸药物是继小分子和抗体药物后的第三浪，具有靶点拓展能力强、研发 延展性强、药物作用长效且不易耐药等特性。小核酸药物的种类多样，其中 siRNA 药物的安全性和长效性更好，已成为国内药企的开发重点。自 2016 年 起，随着 GalNac 递送系统的升级和完全修饰的应用， siRNA 药物进入快速发展期，在罕见病领域验证其价值，目前逐步进入了常见病的研发兑现阶段，在 心血管疾病 ...

在全球医药研发行业加速变革的背景下，产业链整合正成为企业构建核心竞争力的关键路径。作为国内 CRO行业的领先企业，阳光诺和(688621)拟通过并购江苏朗研生命科技控股有限公司(以下简称"朗研生 命")100%股权，实现从CRO服务商向"研发+生产"一体化平台的战略升级，这标志着中国医药研发服务 行业正从传统的"外包模式"向"全链条整合模式"加速演进。 当前，全球CRO行业正经历深刻变革。随着医药研发成本持续攀升，企业对研发效率、研发风险控制 的需求日益迫切。传统CRO模式下，研发机构与生产制造环节存在"信息孤岛"，导致研发成果向商业化 转化的效率低下。 行业分析显示，医药研发产业链的整合是全球趋势。美国的CRO巨头如IQVIA、PPD已通过战略合作或 并购，逐步构建了涵盖研发、临床、生产、销售的全链条服务能力。阳光诺和此次并购，标志着中国 CRO企业开始向产业链纵深发展，有望在新一轮医药研发产业链整合中占据有利位置。 值得注意的是，阳光诺和此次并购着眼于长期战略布局。拟通过向不超过35名特定投资者发行股份募集 配套资金不超过8.65亿元，用于复杂注射剂微纳米制剂、小核酸药物生产线等关键项目，公司正为未来 的 ...

数据来源：沙利文 小核酸药物，即寡核苷酸药物，是由十几个到几十个核苷酸串联组成的短链核酸，作用于 premRNA或mRNA，通过干预靶标基因表达实现疾病治疗目的。 进入高速爆发期的小核酸药物，正逐渐成为市场关注的焦点。 01 什么是小核酸药物？ 核酸药物可主要分为小核酸药物和mRNA两大类。小核酸药物主要包括反义核酸（ASO）、小干扰 核酸（siRNA）、微小RNA（miRNA）、核酸适配体（Aptamer）和转运RNA（tRNA）碎片。mRNA产 品可分为mRNA疫苗和mRNA药物。 自二十世纪70年代以来，随着科学界对于机制的不断发现，小核酸药物开启早期的研发探索。1978 年哈佛大学科学家首次提出反义核酸的概念，1998年Andrew Fire和Craig Mello在线虫中首次揭示了 RNA干扰的作用机理（RNAinterference，RNAi），两人因此于2006年获得诺贝尔奖。 但在2010年左右，由于RNAi的不稳定性、潜在的免疫原性及递送系统的缺乏，研发迟迟未有突 破，导致大型制药企业纷纷撤资，行业发展遭遇瓶颈。2014年后，随着小核酸偶联递送系统Gal Nac的 发展，极大地促进和推动了小 ...

Core Insights - The report highlights the significant advantages of ASIC over GPU in terms of cost-effectiveness and energy efficiency, marking a turning point for ASIC development [5][15] - The increasing penetration of AI is driving a surge in inference demand, expanding the market space for ASICs, with projections indicating the global AI ASIC market could reach $125 billion by 2028 [6][15] - The report emphasizes the importance of ASIC design service providers, noting that companies like Broadcom and Marvell hold significant market shares and are crucial for the successful deployment of ASIC technology [6][15] Summary by Sections Computer Industry Deep Dive - ASICs are specialized chips tightly coupled with downstream applications, focusing on specific needs like text and video inference, while GPUs are general-purpose [5][15] - ASICs demonstrate superior energy efficiency, with Google's TPU v5 showing 1.46 times the efficiency of NVIDIA's H200, and Amazon's Trainium2 reducing training costs by 40% compared to GPU solutions [5][15] - The demand for inference capabilities is expected to grow significantly, driven by applications like ChatGPT, which reached 700 million weekly active users by July 2025 [6][15] Market Trends - The report forecasts that the AI ASIC market will see substantial growth, with Broadcom estimating a serviceable market for large clients of $60-90 billion by 2027 [6][15] - Domestic cloud providers are increasingly investing in self-developed ASICs, with companies like Baidu and Alibaba making significant advancements in their chip development [15][16] - The report identifies two core trends in the development of domestic ASICs: PD separation and super nodes, which enhance performance and adaptability to diverse industry needs [15][16] Investment Recommendations - The report suggests focusing on companies with strong self-developed technology platforms in the small nucleic acid drug sector, highlighting firms like Rebio and Hengrui Medicine as potential investment opportunities [17] - It also recommends monitoring the performance of companies involved in the aluminum electronic materials sector, particularly Xinjiang Zhonghe, which is expected to benefit from its integrated supply chain and new alumina projects [18][20] - The report indicates that the data center industry, particularly companies like GDS Holdings, is poised for growth due to increasing demand for AI infrastructure and cloud services [21][23]

Core Insights - The report highlights the significant advantages of ASIC over GPU in terms of cost-effectiveness and energy efficiency, marking a turning point for ASIC development [2][12] - The increasing penetration of AI is driving a surge in inference demand, expanding the market space for ASICs [3][12] - Domestic cloud providers are making strides in self-developed ASICs, indicating a strong demand in the Chinese AI cloud market [12][13] Summary by Sections ASIC vs. GPU - ASICs are specialized chips tightly coupled with downstream applications, focusing on specific needs like text and video inference, while GPUs are general-purpose chips covering a broader range of applications [2][12] - The energy efficiency of Google's TPU v5 is 1.46 times that of NVIDIA's H200, and Amazon's Trainium2 reduces training costs by 40% compared to GPU solutions [2][12] Market Growth and Demand - The global AI ASIC market is projected to reach $125 billion by 2028, with significant contributions from major clients [3][12] - The demand for inference computing is directly linked to throughput, with ChatGPT's weekly active users reaching 700 million by July 2025, driving the need for increased computational power [3][12] ASIC Design Services - ASIC design requires a high level of specialization, with major service providers like Broadcom and Marvell leading the market [3][12] - Broadcom's collaboration with Google on TPU has been pivotal, leveraging a comprehensive IP system and advanced packaging technologies [3][12] Domestic Developments - Leading Chinese cloud providers are achieving results in self-developed ASICs, with significant orders and advancements in technology [12][13] - The trends of PD separation and super nodes are emerging as key developments in the domestic ASIC landscape [12][13] Industry Outlook - The report anticipates a robust growth trajectory for the ASIC market, driven by increasing AI applications and domestic innovation [12][13]

星标 ★ IPO日报 精彩文章第一时间推送 日前，阳光诺和披露了最新重组进展。 9月26日晚间，北京阳光诺和药物研究股份有限公司（以下简称"阳光诺和"，688621.SH）发布了并购草案，公司拟以发行股份 及可转换公司债券方式，作价12亿元购买控股股东、实际控制人利虔、赣州朗颐投资中心（有限合伙）等持有的江苏朗研生命科 技控股有限公司（以下简称"朗研生命"）100%股权，并向不超过35名特定投资者发行股份募集配套资金不超过8.65亿元。 交易完成后，公司将新增医药工业板块业务，形成"CRO+医药工业"的产业布局。 根据方案，阳光诺和将以每股34.05元的价格发行1762.11万股股份，并发行600万张可转换公司债券（初始转股价同为34.05元/ 股）。本次募集配套资金将用于复杂注射剂微纳米制剂、小核酸药物生产线、药品生产项目、扩建高端贴剂生产基地及补充流动 资金。 据悉，朗研生命成立于2010年7月14日，是一家药物研发生产商，专注于高难度首仿药、创新药研发、生产、销售一体化服务， 在研产品管线覆盖了心脑血管、肿瘤、消化、感染等适应症。 2023-2024年以及2025年上半年，标的公司实现营业收入分别为46 ...

Core Viewpoint - The global small nucleic acid drug market is experiencing significant growth, with a projected increase from $4.6 billion in 2023 to $46.7 billion by 2033, driven by technological advancements and increased clinical approvals [1][2]. Market Growth - The global small nucleic acid drug market size grew from $2.7 billion in 2019 to $4.6 billion in 2023, reflecting a compound annual growth rate (CAGR) of 14.3% [2]. - The market is expected to accelerate growth starting in 2023, with a projected CAGR of 26.1% until it reaches $46.7 billion by 2033 [1][2]. Technological Advancements - Small nucleic acid drugs are becoming more mature, offering significant advantages over traditional small molecule and antibody drugs, including shorter development cycles, a wider range of targets, lasting effects, and higher success rates [1][3]. - These drugs act directly on the mRNA level, targeting "undruggable" targets that traditional drugs cannot reach, providing new treatment options for many difficult-to-treat diseases [1]. Shift in Focus - The trend is shifting from rare diseases to chronic and common diseases, with small nucleic acid drugs expanding into areas such as hyperlipidemia, hepatitis B, and hypertension [2][3]. - Currently, there are 22 approved small nucleic acid drugs globally, primarily focused on rare diseases, but recent data indicates a move towards more prevalent conditions [2]. Domestic Market Dynamics - Domestic innovative pharmaceutical companies are accelerating their entry into the small nucleic acid drug market, focusing on chronic diseases rather than following the traditional model of starting with rare diseases [3]. - Key therapeutic areas for domestic companies include cardiovascular diseases, hepatitis B, and cancer [3]. Investment Opportunities - Companies with proprietary technology platforms and advantageous pipelines are recommended for investment, including Reebio, Sanofi, Bowang Pharmaceutical, Yuyuan Pharmaceutical, CSPC Pharmaceutical, Tsinghua Tongfang, and Hengrui Medicine [4]. - Notable overseas companies include Alnylam, Ionis, and Arrowhead [4].

开源证券发布研报称，小核酸药物布局减重适应症主要围绕INHBE和ALK7两个靶点。从企业布局角度 来看，目前进度最快的是Arrowhead和Wave，INHBE siRNA分子都将在未来6个月内读出1期试验数据。 临床前大鼠数据显示，Arrowhead的ALK7siRNA分子联用Tirzepatide可以进一步提升减重效果的同时， 还有望带来更持久的疗效，从而实现更长间隔的给药(如月度、季度等)。同时，联用还有望实现高质量 减重，即减脂不减肌。 开源证券主要观点如下： 减重赛道新风口：小核酸药物有望破局千亿美金市场 小核酸药物布局减重适应症主要围绕INHBE(Inhibin subunit beta E)和ALK7(Activin receptor-like kinase7) 两个靶点。INHBE主要在肝脏细胞中表达，作为一种抑制性因子，负责编码并分泌Activin E。这一分子 与其他配体(如GDF3,GDF11,ActB,ActE,ActAB,ActC,Nodal)共同作用，通过结合ALK7来调控脂肪代谢。 ALK7主要在脂肪组织中表达，是INHBE发挥作用的受体。当Activin E与ALK7结合后，抑 ...

智通财经APP获悉，申万宏源发布研报称，从作用机制来看，小核酸药物直接作用于mRNA层面，能够 靶向传统药物难以触及的"不可成药"靶点，为许多难治性疾病提供了全新的治疗思路。在技术持续进 步、上市批准及临床验证不断增加的推动下，预计全球小核酸药物市场将加速增长，从2023年起以 26.1%的复合年增长率在2033年达到467亿美元。目前国内多款自研产品正处于临床一二期，建议关注 后续临床数据的读出以及潜在的海外授权。 目前全球小核酸药物共获批22款(其中3款已退市)，主要集中在脊髓性肌萎缩症(SMA)、杜氏肌营养不良 (DMD)、转甲状腺素蛋白淀粉样变(ATTR)等罕见病领域，近几年随着小核酸药物在高血脂、乙肝、高 血压等领域的数据读出，小核酸药从罕见病领域向慢性病、常见病跨越的趋势已经展现，市场有望加速 扩容。根据沙利文报告数据，全球小核酸药物市场规模从2019年的27亿美元增长到2023年的46亿美元， 复合年增长率为14.3%。在技术持续进步、上市批准及临床验证不断增加的推动下，预计全球小核酸药 物市场将加速增长，从2023年起以26.1%的复合年增长率在2033年达到467亿美元。 国内企业加速抢占蓝 ...